12/03/2024 | Press release | Distributed by Public on 12/03/2024 19:14
WASHINGTON - Today, U.S. Senator Ben Cardin (D-Md.), Chair of the Senate Foreign Relations Committee, introduced the 1504 Modernization Act to update Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which became law in 2010. Section 1504, originally championed by Chair Cardin and the late Senator Richard Lugar (R-Ind.) in 2010, requires publicly traded fossil fuel companies disclose payments made to foreign governments to the Securities and Exchange Commission. The 1504 Modernization Act would broaden its scope to cover additional industries beyond fossil fuel extraction, expand reporting requirements to include non-conventional payments and illicit actors, and tighten accountability measures.
"This legislation puts more power into the hands of the people, ensuring the wealth drawn from the earth's resources serves the many, not the privileged few," said Chair Cardin. "By shining a light on hidden payments, we're giving citizens the tools to demand justice and fairness, to claim their rightful share of their nation's riches. Transparency is not just an ideal - it's a pathway to stronger governments, a shield against corruption, and a promise of steady energy access, even in times of turmoil and uncertainty."
Key provisions of the 1504 Modernization Act:
Full text of the 1504 Modernization Act is available HERE.
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